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Phillips 66 approves $3B share repurchase program

Phillips 66 approved a $3 billion share repurchase program, hiking the total amount of its repurchase programs to $15 billion since 2012.

The period for the stock buybacks was not disclosed.

The company also declared a quarterly dividend of 90 cents per share, which will be payable on Dec. 2 to shareholders of record on Nov. 18, according to an Oct. 4 news release from Phillips 66.

Phillips 66's long-term objective is to reinvest 60% of operating cash flow into the business and return 40% to shareholders, Chairman and CEO Greg Garland said in the statement.

Garland said the company returned over $24 billion in dividends, share repurchases and exchanges since 2012, while reducing its outstanding initial shares by 32%.